In the papers: HSBC, Google, Volkswagen, Tandem Bank


The Times
Brexit looms over British Land results: Large businesses are delaying decisions over taking up new office space until after the European Union referendum, Britain’s second largest listed property company has warned.
HSBC presses button on IT job cuts: Europe’s biggest bank is to cut 840 information technology jobs as part of a restructuring announced last year.
Banks hold daily talks on Brexit chaos plans: The Bank of England is having “daily conversations” with banks to ensure they could cope with any market turmoil in the event of a vote in favour of Britain leaving the European Union.
Mike Ashley offers to appear before MPs: The Founder of Sports Direct has offered to appear before a Commons select committee to answer questions on work practices and conditions at the company’s Shirebrook warehouse complex in Derbyshire.
Bank bailout architect to head £6 billion research body: A senior civil servant who failed to get the top job at the Treasury has been handed responsibility for setting up a new £6 billion research quango to help Britain to commercialise its scientific knowhow.
Tandem sets wheels in motion for a summer of fundraising: Tandem Bank is set to seek more than £100 million from institutional investors this summer as it prepares to welcome customers in the autumn.
New York’s slowdown rings alarm bells for U.S.: Factory activity in New York state has contracted in May in a further sign of the uncertainty surrounding the American economy.
The Independent
TTIP: Jeremy Corbyn says the best way to fight the controversial trade deal is to stay in Europe: Jeremy Corbyn has spoken out against the Transatlantic Trade and Investment Partnership in an interview on national television.
Google faces €3 billion fine for promoting its own shopping service in searches: Google could be hit with a fine as high as €3 billion (£2.3 billion) from the European Commission in the coming weeks, according to reports.
Barclays to sell 2,000-tonne London gold vault to China’s ICBC bank: ICBC Standard Bank expanded its push into London’s precious metals market by agreeing to buy one of Europe’s largest vaults from Barclays.
Volkswagen to be sued by $850 billion Norway oil fund over emissions scandal: Norway’s $850 billion wealth fund will seek to join a class action suit in Germany against Volkswagen following revelations the carmaker rigged the exhaust systems of 11 million diesel-powered cars worldwide to pass official emissions tests.
Tampon tax savings will be passed on to shoppers, supermarkets pledge: Asda, Tesco, Morrisons and Sainsbury’s have pledged to pass on savings to shoppers when the controversial tampon tax is scrapped.
The Daily Telegraph
Bond shortage deepens as U.S. Treasury stops issuing debt: The U.S. government paid off more debt than it issued last month in a stunning turn-around for America’s public finances, causing an acute shortage of bonds and a further downward slide in borrowing costs.
Matalan Founder John Hargreaves involved in BHS rescue bid: John Hargreaves, private Founder of the Matalan retail chain, is the frontman behind a mystery rescue bid for BHS, the Telegraph can exclusively reveal.
EDF’s ex-finance Director hired as Deutsche Bank’s head of M&A: The French financier who quit his job at energy giant EDF in a row over the Hinkley Point nuclear plant has re-emerged as a senior Executive at Deutsche Bank.
Financier questions Heathrow’s ability to finance third runway: The City financier behind an independent proposal to expand Heathrow has claimed the airport will find it difficult to fund its controversial plans for a £17.6 billion third runway in the private markets.
U.S. bankers could lose bonuses in clawback plan: U.S. bankers could lose their bonuses up to seven years after receiving the payments if they misbehave or make big losses, under new rules proposed by six major regulators.
Ukrainian hacker pleads guilty to his role in international insider trading scam: A Ukrainian hacker pleaded guilty on Monday to his role in an international scheme that used stolen unpublished news releases to make $30 million (£21 m) in profits.
Brexit risks ‘25% house price crash’ but Fitch warns remain vote will not resolve EU tensions: House prices could crash by 25% and the pound drop by a third if the U.K. leaves the EU, according to Fitch, which warned that social tensions risked boiling over even if Britain stays in the bloc.
Total launches massive gas plant in Shetland in boost to flagging North Sea sector: Total has officially launched a massive gas project in Britain’s remote Shetland Islands, in a “vote of confidence” for the flagging North Sea oil and gas industry.
Ready-made meal producer Charlie Bigham’s buys Somerset quarry site for new base: Popular ready meals producer Charlie Bigham’s has bought a disused quarry to build a new production facility, after outgrowing its current London-based space.
The Guardian
Climate change puts 1.3 billion people and $158tn at risk, says World Bank: The global community is badly prepared for a rapid increase in climate change-related natural disasters that by 2050 will put 1.3 billion people at risk, according to the World Bank.
House prices fall in London’s luxury postcodes: London’s luxury postcodes have seen house prices fall by as much as 11.8% over the past year, but the property slowdown is a “myth” in much of the rest of the capital.
A third of people in the U.K. have experienced poverty in recent years: One in three people have experienced poverty in recent years, according to figures that underline the precarious nature of work in Britain.
U.K. economy: gloomy outlook for workers’ pay rises: Workers are being warned to expect meagre wage rises until at least 2020, as weak productivity and new costs such as the national living wage curb employers’ readiness to raise salaries.
Samphire sales soar thanks to television food shows: U.K. supermarkets have reported soaring demand for samphire, the salty coastal sea plant also known as sea asparagus, thanks to TV cookery shows.
Stephen Bubb to step down as Chief Executive of Acevo: Sir Stephen Bubb has announced he will be stepping down as Chief Executive of Acevo (Association of Chief Executives of Voluntary Organisations) after 15 years.
Daily Mail
Britain’s largest water company runs up £250 million black hole in pension pot while foreign Owners pocketed almost £2 billion in dividends: Britain’s largest water company has run up a £250 million black hole in its pension pot while its foreign Owners have pocketed almost £2 billion in dividends.
G4S hoping to offer banking services on High Street in move which could help save rural branches: G4S hopes to offer banking services on the High Street in a move which could help save rural branches.
Warren Buffett takes major gamble on tech industry by betting £695 million on Apple and offering to bank-roll bid for struggling Yahoo: Warren Buffett has taken a major gamble on the tech industry by making a £695 million bet on Apple and offering to bank-roll a bid for struggling search engine Yahoo.
Chairman of Caledonia Mining left red-faced and £17,000 out of pocket after broker sells his shareholding in firm without his knowledge: The Chairman of AIM-listed Caledonia Mining was left red-faced and around £17,000 out of pocket after his broker sold his entire shareholding in the firm without his knowledge.
Daily Express
Britain’s pension system ‘behind Australia, Sweden and the Netherlands,’ says ex-Minister: British savers risk being left in the ‘slow lane’ for retirement prospects, as workers run the risk of losing track of numerous pension pots, the former pensions Minister has warned.
Blow for George Osborne: 300 top business leaders support Brexit: Hundreds of top business Chiefs have backed the campaign for Britain to leave the European Union and said U.K. firms would boom if we vote out.
The Scottish Herald
Aberdeen-based oil and gas company says it has made good progress in North Sea: North Sea-focused Ithaca Energy has increased its exposure to the area after capitalising on one of the opportunities presented by the downturn in the oil and gas sector.
Single malt Scotch sales up but industry’s overall exports down for third consecutive year: Overseas sales of single malt whisky rose in 2015, although the total value of Scotch exports dropped for a third consecutive year, the latest industry analysis shows.
Glasgow Chamber in tie-up with Manhattan: Glasgow Chamber of Commerce has signed a formal cooperation agreement with its counterpart in Manhattan in New York City. The agreement is aimed at promoting trade and joint ventures between businesses and public sector organisations in Glasgow and Manhattan.
Pinnacle Technology makes strategic disposal as part of repositioning strategy: Pinnacle Technology, the IT and telecoms company, has sold its Pinnacle CDT subsidiary to Chess ICT for £2.8 million as part of a strategy to reposition itself as a higher margin service provider.
Growth at Morris & Spottiswood as Glasgow firm eyes English expansion: Morris & Spottiswood, the Glasgow fit-out contractor, has seen revenue surge to £88 million for the year ending December 2015, up 19% on the previous year.
Highlands and Islands Enterprise helps create more than 850 jobs: Highlands & Islands Enterprise has helped create or retain an estimated 855 jobs over the last year, including 124 in fragile areas, the economic development agency announced.
Red Sky Management gets set for growth with new office: Sports management agency Red Sky Management is gearing up for expansion by relocating to newly refurbished office in Edinburgh’s west end.
The Scotsman
BP doubles stake in North Sea’s Culzean gas field: Oil giant BP has doubled its stake in the huge Culzean gas development as part of its £7 billion investment programme in the North Sea.
80 jobs threatened with the axe at Baxters: UP to 80 jobs could be axed at famous Scottish food firm Baxters. The company wants to become more efficient to help it respond to global competition.
RBS appoints telecoms veteran Frank Dangeard to board: Frank Dangeard, the former deputy Chairman of troubled Norwegian telecoms group Telenor, has joined Royal Bank of Scotland’s board as a non-Executive Director.
City A.M.
British banks are chalking out strategies to deal with Brexit fallout, says BoE’s Andrew Bailey: Bank of England Deputy Governor Andrew Bailey is having “daily” conversations with British banks to chalk out coping mechanisms in the face of a Brexit.
British Gas Owner Centrica purchases ENER-G Cogen for £145 million: British Gas-Owner Centrica has announced that it has agreed to buy ENER-G Cogen International from ENER-G Holdings PLC for £145 million.
The Netherlands is the most lucrative buy-to-let property hotspot in the EU according to study from World First U.K.: You might have thought it would be somewhere coastal on the Mediterranean, or a country better-known for its second home culture such as Italy or France. But the most lucrative buy-to-let market in the European Union turns out to be the modest, not-so-hilly, tulip-saturated Netherlands.
Liberty House to open another steelworks in June: Commodities investor Liberty House is planning to re-open its seventh steelworks in as many months in June, the company announced.
Ladbrokes and Gala Coral set for merger decision from watchdog: A provisional decision is expected to be announced this week on the proposed merger between U.K. bookmakers Ladbrokes and Gala Coral.
Philips Lighting ready to shine with IPO worth up to £665 million: Philips announced it expects to raise up to €844 million (£665 million) with an initial public offering (IPO) of its lighting division.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Medexus Pharmaceuticals pleased with recent Aptevo BioTherapeutics...

Medexus Pharmaceuticals Inc (CVE:MDP) (OTCQB:PDDPF) CEO Ken d’Entremont tells Proactive he's pleased with the value the acquisition of hematology asset IXINITY has provided to Medexus, and that it is well positioned to emerge stronger when the economy reopens after the coronavirus crisis....

13 hours, 44 minutes ago

10 min read